|
Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BAKERS CIRCLE ( |
|
|
|
|
Registered
Office : |
2nd Floor, 3, Taimoor Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.07.2001 |
|
|
|
|
Com. Reg. No.: |
111560 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 158.068 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15131DL2001PTC111560 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB07458D / DELB06504B |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Premier Producer of Frozen Doughs and Desserts. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 531720 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
2nd Floor, 3, Taimoor Nagar, New Delhi 110065, India |
|
Tel. No.: |
91-11-47328802 |
|
Fax No.: |
91-11-47328823 |
|
E-Mail : |
|
|
|
|
|
Factory : |
P No 9-10 Nand Nagar Industrial Estate, Mahuakhera Ganj, Kashipur
244713, Uttarakhand, India |
DIRECTORS
|
Name : |
Mr. Rohitasava Chand |
|
Designation : |
Director |
|
Date of Birth/Age : |
21.10.1946 |
|
Date of Appointment : |
31.08.2006 |
|
|
|
|
Name : |
Mr. Arjan S Lalwani |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.09.1946 |
|
Date of Appointment : |
31.08.2006 |
|
|
|
|
Name : |
Mr. Deepak I Shahdadpuri |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.07.1969 |
|
Date of Appointment : |
31.08.2006 |
|
|
|
|
Name : |
Mr. Dev Dharee Lall |
|
Designation : |
Director |
|
Date of Appointment : |
30.11.2001 |
|
|
|
|
Name : |
Mr. Mukesh Chand Jain |
|
Designation : |
Director |
|
Date of Appointment : |
20.10.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
40.42 |
|
Bodies corporate |
|
8.51 |
|
Directors or relatives of directors |
|
51.07 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Premier Producer of Frozen Doughs and Desserts. |
PRODUCTION STATUS
AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
|
Thread Guages |
Nos. |
170000 |
|
Micrometers |
Nos. |
25000 |
|
Dial Guages |
Nos. |
50000 |
|
Dial Bore Guages |
Nos. |
4000 |
|
Lever Type Dial Guages |
Nos. |
7500 |
|
Air Guages |
Nos. |
2500 |
|
Electronic Guages |
Nos. |
1000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
State Bank of India, Main Branch, Railway Station Road, Kashipur
244713, Uttaranchal, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
Rs. In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S K Kalia and Company Chartered Accountant |
|
Address : |
C 153B, Motinagar, New Delhi 110015, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 16.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10 each |
Rs.25.000 millions |
|
18000000 |
Preference Shares |
Rs. 10 each |
Rs. 180.000 millions |
|
|
|
|
Rs.
205.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2210001 |
Equity Shares |
Rs. 10 each |
Rs.22.100 millions |
|
14663240 |
Preference Shares |
Rs. 10 each |
Rs. 146.632 millions |
|
|
|
|
Rs.
168.732 millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10 each |
Rs.25.000 millions |
|
18000000 |
Preference Shares |
Rs. 10 each |
Rs. 180.000 millions |
|
|
|
|
Rs.
205.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2210001 |
Equity Shares |
Rs. 10 each |
Rs.22.100 millions |
|
13596849 |
Preference Shares |
Rs. 10 each |
Rs. 135.968 millions |
|
|
|
|
Rs.
158.068 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
158.068 |
152.008 |
152.008 |
|
|
2] Share Application Money |
5.909 |
0.955 |
0.000 |
|
|
3] Reserves & Surplus |
12.500 |
12.500 |
6.750 |
|
|
4] (Accumulated Losses) |
(43.547) |
(52.969) |
(55.578) |
|
|
NETWORTH |
132.930 |
112.494 |
103.180 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.881 |
9.946 |
9.310 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
22.881 |
9.946 |
9.310 |
|
|
DEFERRED TAX LIABILITIES |
3.502 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
159.313 |
122.440 |
112.490 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
98.691 |
88.845 |
88.603 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.580 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.618
|
17.487 |
9.762 |
|
|
Sundry Debtors |
42.078
|
40.299 |
16.542 |
|
|
Cash & Bank Balances |
13.995
|
3.509 |
3.025 |
|
|
Other Current Assets |
0.031 |
0.109 |
0.000 |
|
|
Loans & Advances |
3.372
|
3.574 |
1.949 |
|
Total
Current Assets |
98.094
|
64.978 |
31.278 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33.342
|
25.116 |
5.064 |
|
|
Other Current Liabilities |
0.738
|
6.461 |
6.490 |
|
|
Provisions |
3.392
|
2.810 |
1.922 |
|
Total
Current Liabilities |
37.472
|
34.387 |
13.476 |
|
|
Net Current Assets |
60.622
|
30.591 |
17.802 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
3.004 |
4.505 |
|
|
|
|
|
|
|
|
TOTAL |
159.313 |
122.440 |
112.490 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
270.292 |
141.429 |
|
|
|
Other Income |
|
10.240 |
5.323 |
|
|
|
TOTAL |
|
280.532 |
146.752 |
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
|
1.953 |
1.476 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
10.356 |
4.288 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
12.925 |
2.608 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
4.26 |
1.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.78
|
1.84 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.56
|
1.69 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.02 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
0.39 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
1.88 |
2.32 |
LOCAL AGENCY FURTHER INFORMATION
HIGHLIGHT CURRENT
OPERATIONS
The turnover is Rs.270.292 millions as compared to the previous year of
Rs.141.429 millions. The growth in sales is about 91 percent. Increase in
miscellaneous income mainly represents recovery of delivery charges against
which selling expenses has been incurred. The company continued to keep its
hubs at Hyderabad, Bangalore, Gujarat, New Delhi at limited scale. The Company
has earned profits in the current year.
INCREASE IN CAPITAL
The Company has increased its Authorized Capital from Rs.155.000
millions to Rs.205.000 millions. The Authorized capital consist of 2,500,000
Equity Shares of Rs.10 each and 18,000,000 Preference Shares of Rs.10 each. A
sum of Rs.14.000 millions is raised during the current financial year in terms
of addendum to Share Subscription and Shareholders Agreement dated 28th
Feb.2006 with GIA(BCI) Holdings Limited, Yukti Securities Ltd and Mr. Arjan
Lalwani.
OUTLOOK
The outlook for the industry and the
Company in particular is deemed to be positive.
FIXED ASSETS:
·
Land
·
Factory Buildings
·
Furniture and Fittings
·
Plant and Machinery
·
Vehicle
FORM 8
|
Corporate
identity number of the company |
U15131DL2001PTC111560 |
|
Name of the
company |
BAKERS CIRCLE (INDIA) PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2nd Floor, 3, Taimoor Nagar, New Delhi 110065, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property (not
being pledge) |
|
Particular of
charge holder |
State Bank of India, Main Branch, Railway Station Road, Kashipur
244713, Uttaranchal, India Email: jkscoknp@gmail.com |
|
Nature of
instrument creating charge |
1. Agreement of
Loan Cum Hypothecation 2. Letter of
Arrangement 3. Link Letter 4. Memorandum for
recording extension of mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
18.11.2010 |
|
Amount secured by
the charge |
Rs. 4.155
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest to be
charged @ 7.25% margin above Base Rate.Present effective rate being 14.85% p.a.with
monthly rests or at such other rates as may be notified by the Bank to the
Borrower from time to time. Terms of repayment Outstanding
amount of term loan shall be repayable as per existing repayment schedule. Margin 25% on Raw
Material-Importerd/Indigenous 25% on Semi
Finished goods 25% on Finished
goods 40% on Domestic
receivables Extent and operation of the charge The Company's
movable and immovable properties as mentioned hereunder are hypothecated and
mortgaged to secure Term Loan (outstanding) of Rs.4.155 millions granted by
the Bank to the Borrower. |
|
Short particulars
of the property charged (Including location of the property) |
Exclusive charge
on entire current assets including all present and future stocks of raw materials,
goods, vehicles and all other movables assets of Borrower wherever lying,
stored, kept or in transit Hypo. of all the Borrower's Book Debts,
receivables, documents of title to goods, outstanding monies, bills,
invoices, documents, contracts, guarantee, securities, engagement investments
and rights etc. Hypo. of all
present and future machinery and entire fixed assets belonging to or in the
possession or control of the Borrower wherever lying, stored, kept or in
transit. Eq. mortgage by
deposit of title deeds of immovable properties being land and building
situated at Khasra No. 99/1 Min Nand Nagar Industrial Estate, Mahuakheraganj,
Kashipur, U.S. Nagar area 0.607 hectare |
|
Particulars of
the present modification |
Term Loan granted
by the Bank has now been reduced from Rs.10.000 millions to Rs.4.155
millions. Therefore, total amount of charge secured against hypothecation of
entire current assets, stocks, book debts, plant and machinery and fixed
assets etc. and equitable mortgage of immovable properties has now been
reduced from Rs.10.000 millions to Rs.4.155 millions. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.